Specialist legacy group Compre has entered into partnership with specialist re/insurer Apollo Syndicate Management to launch a new Lloyd’s of London legacy business focussed syndicate 1994.

Recently, Syndicate 1994 secured approval from The Council of Lloyd’s.

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This is considered to be Compre’s first Lloyd’s transaction.

Syndicate 1994 will be able to execute a complete range of legacy transactions at Lloyd’s. Its first will see the Apollo Syndicate 1969’s prior year portfolios, which includes US liabilities, marine & energy and property risks, transfer through a split reinsurance to close into syndicate 1994.

Rob Margetts, who is the head of Lloyd’s at Compre, will lead the legacy acquirer’s Lloyd’s operations.

Mark Lawson, group actuarial director at Compre, will serve as the active underwriter and syndicate run-off manager for syndicate 1994. He will also maintain his role as Compre group actuary.

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Under the deal, Compare has reached a reinsurance to close (RITC) agreement for the liabilities within Apollo Syndicate 1969 stemming from prior years up to 2017.

Compre CEO Will Bridger said: “I am delighted to announce yet another milestone for Compre with the launch of our partnership with Apollo, our new Lloyd’s syndicate 1994 and our first Lloyd’s RITC transaction. This transaction fulfills a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in the Lloyd’s legacy market.”

Apollo group CEO David Ibeson said: “This strategic partnership complements Apollo’s long-term ambitions, provides the market with an alternative legacy option supported by a great depth of experience and, through the Syndicate 1969 RITC transaction, allows us to better align our capital with market opportunities as the rating environment continues to improve. I look forward to a long and profitable partnership with the Compre team.”

Among the key advisors to Compre on this deal included Debevoise & Plimpton for legal, PwC for actuarial and Gary Crowley at Auxilium GC for claims support.